STOCK TITAN
  1. Home
  2. Sec-filings
  3. XRN
  4. [8-K] Chiron Real Estate Inc. Reports Material Event

Chiron Real Estate (NYSE: XRN) sells 7 rehab hospitals for $217M and keeps 15% JV stake

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Chiron Real Estate Inc. is selling a major asset portfolio and retaining a minority stake. The company sold seven inpatient rehabilitation hospital properties for an aggregate purchase price of $217.0 million, then rolled into a joint venture where a U.S. public pension fund holds 85% and Chiron holds 15% and serves as managing member.

After closing, Chiron received estimated net cash proceeds of $194.871 million and recorded an estimated gain on sale of $70.748 million. Pro forma for the year ended December 31, 2025, net income attributable to common stockholders becomes $43.593 million, or $3.26 per share, compared with a historical net loss attributable to common stockholders of $12.116 million, or $(0.91) per share.

Positive

  • Significant cash proceeds and gain on sale: The transaction generates estimated net cash proceeds of $194.871 million and an estimated gain on sale of $70.748 million, materially strengthening Chiron’s pro forma equity and turning a historical net loss into positive net income attributable to common stockholders.

Negative

  • None.

Insights

Chiron converts hospital real estate into cash and a 15% JV stake, materially improving pro forma earnings.

Chiron Real Estate sold seven inpatient rehabilitation facilities and related assets for $217.0 million, then contributed into a joint venture where a U.S. public pension fund owns 85% and Chiron retains 15% with managing member rights. This shifts the properties from full consolidation to an equity-method investment.

Estimated net cash proceeds at closing are $194.871 million after $5.780 million of closing and transaction costs and funding a $16.349 million joint venture investment. The company also recognizes an estimated gain on sale of $70.748 million, which reduces accumulated deficit and lifts total equity in the pro forma balance sheet.

On a pro forma basis for the year ended December 31, 2025, net income attributable to common stockholders improves from a historical loss of $12.116 million to income of $43.593 million, or $3.26 per share. Future results will depend on the joint venture’s performance, including rental income, operating costs and interest expense on its debt, as reflected in the equity in earnings adjustments.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.01 Completion of Acquisition or Disposition of Assets Financial
The company completed a significant acquisition or sale of business assets.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Aggregate sale price $217.0 million Portfolio of seven inpatient rehabilitation facilities
Estimated net cash proceeds $194.871 million Net proceeds retained by the company at closing
Estimated gain on sale $70.748 million Gain from transaction reflected in pro forma adjustments
JV ownership split 85% pension fund / 15% Chiron Ownership interests in joint venture after transaction
Pro forma 2025 net income to common $43.593 million Year ended December 31, 2025
Pro forma 2025 EPS $3.26 per share Net income attributable to common stockholders, basic and diluted
Historical 2025 net loss to common $12.116 million Net loss attributable to common stockholders before transaction
Pro forma cash balance $203,054 thousand Cash and cash equivalents as of March 31, 2026
Unaudited pro forma condensed consolidated financial statements financial
"The unaudited pro forma condensed consolidated financial information is being provided pursuant to Article 11 of Regulation S-X"
Regulation S-X regulatory
"provided pursuant to Article 11 of Regulation S-X to reflect the disposition of the Properties"
A set of U.S. securities rules that prescribes how public companies must prepare, present and have audited their financial statements and related exhibits. It lays out formats, required schedules and minimum disclosure standards so financial reports follow a consistent structure. For investors, this consistency and verification act like a standard recipe and inspection checklist, making financial statements easier to compare, trust and use for valuation decisions.
unconsolidated joint venture financial
"expects to account for its acquired interest in the joint venture as an investment in an unconsolidated joint venture"
An unconsolidated joint venture is a business arrangement where two or more companies work together on a specific project or activity, sharing risks and rewards, but each company remains separate and keeps its own financial records. It matters to investors because it influences how a company's profits, assets, and risks are reported and understood, helping them evaluate the company's true financial position and potential.
accumulated deficit financial
"Accumulated deficit has been decreased to reflect the receipt of net cash proceeds and removal of assets and liabilities related to the Transaction"
Accumulated deficit is the running total of a company’s past net losses minus any profits, showing how much the business has eaten into its own funds over time—think of it like a bank account that’s been overdrawn by repeated shortfalls. It matters to investors because a large accumulated deficit reduces the cushion that protects owners and creditors, can limit dividends or borrowing, and signals how much funding the company may need to reach profitability.
noncontrolling interest financial
"Represents the impact to noncontrolling interest."
The portion of a business owned by investors other than the controlling owner when one company has control of another; it represents outside shareholders’ share of the subsidiary’s assets and profits. For investors, it matters because those outside claims reduce the amount of profit and net assets attributable to the parent owner — similar to saying part of a pizza belongs to someone else — and thus affects earnings, book value and valuation.
inpatient rehabilitation facilities technical
"sale of a portfolio of seven inpatient rehabilitation facilities located in Altoona, Pennsylvania; Mechanicsburg, Pennsylvania; Mesa, Arizona; Sherman, Texas; Las Vegas, Nevada; Surprise, Arizona; and Oklahoma City, Oklahoma"
Inpatient rehabilitation facilities are licensed medical centers that provide daily, coordinated therapy and nursing care to patients who need intensive rehabilitation after a hospital stay, such as following a stroke, major surgery, or serious injury—think of them as a specialized recovery hotel with medical staff and structured therapy. They matter to investors because their revenue and profitability depend on patient volume, who pays (private insurance, Medicare/Medicaid), length of stay and outcomes, and are sensitive to reimbursement rules and regulatory changes.
See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Understanding 8-K Material Events →
false 0001533615 0001533615 2026-06-26 2026-06-26 0001533615 us-gaap:CommonStockMember 2026-06-26 2026-06-26 0001533615 us-gaap:SeriesAPreferredStockMember 2026-06-26 2026-06-26 0001533615 us-gaap:WarrantMember 2026-06-26 2026-06-26 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(D) OF THE 

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): July 2, 2026 (June 26, 2026)

 

Chiron Real Estate Inc.

(Exact name of registrant as specified in its charter)

 

Maryland 001-37815 46-4757266

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

 

7373 Wisconsin Avenue, Suite 800

Bethesda, MD

20814

(Address of Principal Executive Offices)

(Zip Code)

 

(202) 524-6851

(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:   Trading Symbols:   Name of each exchange on which registered:
Common Stock, par value $0.001 per share   XRN   NYSE
Series A Preferred Stock, par value $0.001 per share   XRN PrA   NYSE
Series B Preferred Stock, par value $0.001 per share   XRN PrB   NYSE

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

Item 1.01 Entry into a Material Definitive Agreement

 

On June 26, 2026, Chiron Real Estate Inc. (the “Company”), through certain subsidiaries, entered into an Agreement of Purchase and Sale (the “Purchase Agreement”) with Altoona PA IRF, LLC, Mechanicsburg PA IRF, LLC, Mesa AZ IRF, LLC, Sherman TX IRF, LLC, Las Vegas NV IRF, LLC, Surprise AZ IRF, LLC and Oklahoma City OK IRF, LLC, each a Delaware limited liability company and each a subsidiary of COMREF Chiron IRF, LLC, as buyers (collectively, the “Buyers”), pursuant to which the Company agreed to sell a portfolio of seven inpatient rehabilitation hospital properties located in Altoona, Pennsylvania; Mechanicsburg, Pennsylvania; Mesa, Arizona; Sherman, Texas; Las Vegas, Nevada; Surprise, Arizona; and Oklahoma City, Oklahoma (collectively, the “Properties”) for an aggregate purchase price of $217.0 million, subject to customary prorations, adjustments and credits.

 

The Purchase Agreement provides for a closing date of June 29, 2026, subject to extension rights set forth therein, and in no event later than July 31, 2026, unless otherwise agreed by the parties. On June 29, 2026, the Company completed the sale of the Properties to the Buyers pursuant to the terms of the Purchase Agreement.

 

Following the closing, the Properties are owned by a joint venture between the Company or one of its affiliates and a U.S. public pension fund, pursuant to which the pension fund holds an 85% interest and the Company or one of its affiliates holds a 15% interest and serves as managing member. Chiron Real Estate LP, a Delaware limited partnership and an affiliate of the Company, joined the Purchase Agreement solely for purposes of certain post-closing obligations described therein.

 

The foregoing description of the Purchase Agreement and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

 

Item 2.01 Completion of Acquisition or Disposition of Assets

 

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.01. On June 29, 2026, the Company completed the sale of the Properties to the Buyers for an aggregate purchase price of $217.0 million, subject to customary prorations, adjustments and credits.

 

 

 

 

 

Item 9.01 Financial Statements and Exhibits

 

(b) Pro forma financial information.

 

The following unaudited pro forma financial information for the Company is attached as Exhibit 99.1 and incorporated by reference herein (“Unaudited Pro Forma Consolidated Financial Statements”):

 

·Unaudited Pro Forma Condensed Consolidated Balance Sheet for the Company as of March 31, 2026

 

·Unaudited Pro Forma Condensed Consolidated Statement of Operations for the three months ended March 31, 2026

 

·Unaudited Pro Forma Condensed Consolidated Statement of Operations for the year ended December 31, 2025

 

The unaudited pro forma financial information is derived from the historical financial statements of the Company and gives effect to the sale of the Properties as if the sale had occurred on January 1, 2025 for the purposes of the unaudited pro forma condensed consolidated statements of operations, and as of March 31, 2026 for the purposes of the unaudited pro forma condensed consolidated balance sheet.

 

(d) Exhibits.

 

Exhibit No.   Description
10.1   Agreement of Purchase and Sale, dated as of June 26, 2026, by and among certain subsidiaries of Chiron Real Estate Inc., as sellers, the buyers party thereto, and Chiron Real Estate LP, solely for the limited purposes set forth therein.
99.1   Unaudited Pro Forma Consolidated Financial Statements.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Chiron Real Estate Inc.
     
  By: /s/ Jamie A. Barber
    Jamie A. Barber
    Secretary and General Counsel

 

Date: July 2, 2026

 

 

 

Exhibit 99.1

 

Chiron Real Estate Inc.

Unaudited Pro Forma Condensed Consolidated Financial Statements

 

On June 26, 2026, Chiron Real Estate Inc. (the “Company”), through certain subsidiaries, entered into an Agreement of Purchase and Sale (the “Joint Venture Sale Agreement”), and on June 29, 2026 completed the sale of, a portfolio of seven inpatient rehabilitation facilities located in Altoona, Pennsylvania; Mechanicsburg, Pennsylvania; Mesa, Arizona; Sherman, Texas; Las Vegas, Nevada; Surprise, Arizona; and Oklahoma City, Oklahoma (collectively, the “Properties”).

 

Pursuant to the Joint Venture Sale Agreement, the Company sold the Properties, together with the related leases, security deposits and certain other tangible and intangible assets associated with the ownership and operation of the Properties, and acquired a 15% ownership interest in the joint venture that acquired the Properties (collectively, the “Transaction”). The aggregate sale price for the Transaction was $217.0 million, subject to customary prorations, adjustments and credits set forth in the Joint Venture Sale Agreement. Following the Transaction, the Company no longer consolidates the Properties and expects to account for its acquired interest in the joint venture as an investment in an unconsolidated joint venture.

 

The unaudited pro forma condensed consolidated financial information is being provided pursuant to Article 11 of Regulation S-X to reflect the disposition of the Properties, which represents a significant disposition of a business. The unaudited pro forma condensed consolidated financial statements were derived from the Company’s historical consolidated financial statements and the historical financial information of the Properties, and include transaction accounting adjustments to reflect the Transaction, including the removal of the historical assets, liabilities and results of operations attributable to the Properties, recognition of the Company’s acquired 15% ownership interest in the joint venture, the estimated gain on sale and other Transaction-related impacts described in the accompanying notes.

 

The unaudited pro forma condensed consolidated balance sheet reflects the Transaction as if it occurred on the balance sheet date presented. The unaudited pro forma condensed consolidated statements of operations reflect the Transaction as if it occurred on the first day of the earliest period presented.

 

The unaudited pro forma condensed consolidated financial statements and the accompanying notes should be read in conjunction with the Company’s historical consolidated financial statements and accompanying notes included in its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.

 

The unaudited pro forma condensed consolidated financial information is provided for informational purposes only and does not purport to represent the Company’s actual financial condition or results of operations had the Transaction occurred on the dates indicated, nor does it project the Company’s results of operations or financial condition for any future period or date. The Company has prepared the unaudited pro forma condensed consolidated financial information based on available information using assumptions it believes are reasonable. Actual results reported by the Company in periods following the Transaction may differ materially from this unaudited pro forma condensed consolidated financial information.

 

1

 

 

Chiron Real Estate Inc.
Unaudited Pro Forma Condensed Consolidated Balance Sheet
As of March 31, 2026
(in thousands)

 

       Transaction Accounting Adjustments       
   Company
Historical		   Disposition Adjustments
(Note 2a)		  

Additional

Transaction Accounting Adjustments

     Pro Forma 
ASSETS                      
Investment in real estate:                      
Land  $169,917   $(12,590)  $—     $157,327 
Building   1,073,953    (140,782)   —      933,171 
Site improvements   25,783    (1,979)   —      23,804 
Tenant improvements   81,168    (12,593)   —      68,575 
Acquired lease intangible assets   144,573    (15,629)   —      128,944 
    1,495,394    (183,573)   —      1,311,821 
Less: accumulated depreciation and amortization   (353,309)   51,768    —      (301,541)
Investment in real estate, net   1,142,085    (131,805)   —      1,010,280 
Cash and cash equivalents   8,183    —    194,8712(b)     203,054 
Restricted cash   2,778    (489)   —      2,289 
Tenant receivables, net   6,800    2    —      6,802 
Due from related parties   177    —    —      177 
Escrow deposits   546    —    —      546 
Deferred assets   29,953    (7,838)   —      22,115 
Derivative assets   7,218    —    —      7,218 
Goodwill   5,903    —    —      5,903 
Investment in unconsolidated joint venture   8,902    —    16,3492(c)     25,251 
Other assets   25,474    (1,694)   —      23,780 
Total assets  $1,238,019   $(141,824)  $211,220     $1,307,415 
                       
LIABILITIES AND EQUITY                      
Liabilities:                      
Credit Facility, net of unamortized debt issuance costs of $9,686 at March 31, 2026  $662,314   $—   $—     $662,314 
Notes payable, net of unamortized debt issuance costs of $0 at March 31, 2026   1,096    —    —      1,096 
Accounts payable and accrued expenses   15,022    (107)   —      14,915 
Dividends payable   12,708    —    —      12,708 
Security deposits   3,486    (531)   —      2,955 
Other liabilities   18,368    (714)   —      17,654 
Acquired lease intangible liabilities, net   4,375    —    —      4,375 
Total liabilities  $717,369   $(1,352)  $—     $716,017 
Commitments and Contingencies                      
Equity:                      
Preferred stock, $0.001 par value, 10,000 shares authorized; 5,155 shares issued and outstanding at March 31, 2026 (liquidation preference of $128,875 at March 31, 2026)   124,106    —    —      124,106 
Common stock, $0.001 par value, 100,000 shares authorized; 13,235 shares issued and outstanding at March 31, 2026   13    —    —      13 
Additional paid-in capital   729,514    —    —      729,514 
Accumulated deficit   (360,640)   (139,361)   205,4882(d)     (294,513)
Accumulated other comprehensive income   7,218    —    —      7,218 
Total Chiron Real Estate stockholders' equity   500,211    (139,361)   205,488      566,338 
Noncontrolling interest   20,439    (1,111)   5,7322(e)     25,060 
Total equity   520,650    (140,472)   211,220      591,398 
Total liabilities and equity  $1,238,019   $(141,824)  $211,220     $1,307,415 

 

2

 

 

Chiron Real Estate Inc.
Unaudited Pro Forma Condensed Consolidated Statement of Operations
For the Year Ended December 31, 2025
(in thousands, except per share data)

 

       Transaction Accounting Adjustments     
  

Company

Historical

   Disposition Adjustments
(Note 3a)		   Additional Transaction Accounting Adjustments   Pro
Forma		 
Revenue                    
Rental revenue  $147,682   $(16,636)  $—   $131,046 
Other income   526    —    —    526 
Total revenue   148,208    (16,636)   —    131,572 
                     
Expenses                    
General and administrative   19,998    —    —    19,998 
Operating expenses   32,620    (310)   —    32,310 
Depreciation expense   44,025    (4,562)   —    39,463 
Amortization expense   15,017    (872)   —    14,145 
Interest expense   31,754    —    —    31,754 
Total expenses   143,414    (5,744)   —    137,670 
                     
Income before other income (expense)   4,794    (10,892)   —    (6,098)
Gain on sale of investment properties   1,487    —    70,7483(b)   72,235 
Impairment of investment properties   (13,014)   —    —    (13,014)
Equity (loss) income from unconsolidated joint ventures   (150)   —    6983(c)   548 
                     
Net (loss) income  $(6,883)  $(10,892)  $71,446   $53,671 
Less: Preferred stock dividends   (6,280)   —    —    (6,280)
Less: Net loss (income) attributable
to noncontrolling interest		   1,047    871    (5,716) 3(d)   (3,798) 
Net (loss) income attributable to common stockholders  $(12,116)  $(10,021)  $65,730   $43,593 
                     
Net (loss) income attributable to common stockholders per share – basic and diluted  $(0.91)            $3.263(e)
                     
Weighted average shares outstanding – basic and diluted   13,379              13,379 

 

3

 

 

Chiron Real Estate Inc.
Unaudited Pro Forma Condensed Consolidated Statement of Operations
For the Three Months Ended March 31, 2026
(in thousands, except per share data)

 

       Transaction Accounting Adjustments     
  

Company

Historical

  

Disposition Adjustments

(Note 3a)

  

Additional

Transaction Accounting Adjustments

   Pro
Forma		 
Revenue                    
Rental revenue  $38,021   $(4,166)  $—   $33,855 
Other income   43    —    —    43 
Total revenue   38,064    (4,166)   —    33,898 
                     
Expenses                    
General and administrative   5,089    —    —    5,089 
Operating expenses   9,250    (89)   —    9,161 
Depreciation expense   11,087    (1,100)   —    9,987 
Amortization expense   3,740    (183)   —    3,557 
Interest expense   7,233    —    —    7,233 
Total expenses   36,399    (1,372)   —    35,027 
                     
Income before other income (expense)   1,665    (2,794)   —    (1,129)
Equity (loss) income from unconsolidated joint ventures   (11)   —    1853(c)   174 
                     
Net income (loss)  $1,654   $(2,794)  $185   $(955)
Less: Preferred stock dividends   (2,473)   —    —    (2,473)
Less: Net loss (income) attributable
to noncontrolling interest		   70    —    —    70 
Net loss attributable to common stockholders  $(749)  $(2,794)  $185   $(3,358)
                     
Net (loss) income attributable to common stockholders per share – basic and diluted  $(0.06)            $(0.25) 3(c)
                     
Weighted average shares outstanding – basic and diluted   13,235              13,235 

 

4

 

 

Chiron Real Estate Inc.
Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements
(in thousands, except per share data)

 

1. Basis of Pro Forma Presentation

 

The unaudited pro forma condensed consolidated financial statements have been prepared in accordance with Article 11 of Regulation S-X to give effect to the Company’s sale of a portfolio of seven inpatient rehabilitation facilities located in Altoona, Pennsylvania; Mechanicsburg, Pennsylvania; Mesa, Arizona; Sherman, Texas; Las Vegas, Nevada; Surprise, Arizona; and Oklahoma City, Oklahoma (collectively, the “Properties”) to a joint venture in which the Company acquired a 15% ownership interest. The unaudited pro forma condensed consolidated balance sheet gives effect to the Transaction as if it had occurred as of March 31, 2026. The unaudited pro forma condensed consolidated statements of operations for the year ended December 31, 2025 and the three months ended March 31, 2026 give effect to the Transaction as if it had occurred on January 1, 2025.

 

The unaudited pro forma condensed consolidated financial statements were derived from the Company’s historical consolidated financial statements and the historical financial information of the Properties. The pro forma adjustments are based on currently available information and assumptions that management believes are reasonable under the circumstances. The unaudited pro forma condensed consolidated financial statements are presented for informational purposes only and do not purport to represent what the Company’s results of operations or financial condition would have been had the Transaction occurred on the dates indicated, nor do they project the Company’s results of operations or financial condition for any future period or date.

 

2. Pro Forma Adjustments – Balance Sheet

 

The unaudited pro forma condensed consolidated balance sheet reflects adjustments that are directly attributable to the Transaction.

 

(a) Represents the elimination of the assets and liabilities attributable to the Properties for the periods presented.

 

(b) Represents the estimated net cash proceeds at the closing of the Transaction:

 

Description  Amount 
Aggregate sale price  $217,000 
Less: Closing costs   (2,836)
Less: Transaction costs   (2,944)
Less: Joint venture investment   (16,349)
Estimated net proceeds retained by the Company  $194,871 

 

(c) Represents the Company’s 15% ownership interest in the joint venture that purchased the Properties.

 

5

 

 

(d) Accumulated deficit has been decreased to reflect the receipt of net cash proceeds and removal of assets and liabilities related to the Transaction, as follows:

 

Description  Amount 
Aggregate sale price  $217,000 
Less: Closing and transaction costs   (5,780)
Less: Aggregate book value of the properties sold   (140,472)
Estimated gain on sale  $70,748 

 

(e) Represents the impact to noncontrolling interest.

 

3. Pro Forma Adjustments – Statements of Operations

 

The unaudited pro forma condensed consolidated statements of operations reflect adjustments that are directly attributable to the Transaction and expected to have a continuing impact on the Company’s results of operations, as applicable.

 

(a) Represents the elimination of revenues and expenses associated with the Properties.

 

(b) Represents the estimated gain on sale associated with the Transaction.

 

(c) Represents the Company’s 15% share of the estimated earnings of the unconsolidated joint venture that acquired the Properties. The adjustment was calculated by applying the Company’s 15% ownership interest to the estimated net income of the joint venture for the period presented, after giving effect to the historical operating results of the Properties, applicable pro forma adjustments and estimated interest expense on debt incurred by the joint venture in connection with the Transaction.

 

(d) Represents the impact of net (loss) income attributable to noncontrolling interests.

 

(e) Represents the impact on earnings per share related to pro forma adjustments.

 

6

 

Source: View Original Filing on SEC EDGAR

FAQ

What portfolio did Chiron Real Estate Inc. (XRN) sell in this transaction?

Chiron sold seven inpatient rehabilitation hospital properties and related assets located in Pennsylvania, Arizona, Texas, Nevada, and Oklahoma. The portfolio includes facilities in Altoona, Mechanicsburg, Mesa, Sherman, Las Vegas, Surprise, and Oklahoma City, along with associated leases, security deposits and certain other assets.

How much did Chiron Real Estate Inc. (XRN) receive for the sale of the seven properties?

The aggregate sale price for the transaction was $217.0 million, subject to customary prorations, adjustments and credits. After deducting closing costs, transaction costs and funding its joint venture investment, Chiron estimates net cash proceeds retained of $194.871 million at closing.

What ownership interest does Chiron Real Estate Inc. (XRN) retain after the sale?

Following the sale, the properties are owned by a joint venture between Chiron or an affiliate and a U.S. public pension fund. The pension fund holds an 85% interest, while Chiron or its affiliate holds a 15% interest and serves as managing member of the joint venture.

How does the transaction affect Chiron Real Estate Inc.’s (XRN) pro forma earnings?

For the year ended December 31, 2025, pro forma net income attributable to common stockholders is $43.593 million, or $3.26 per share. This compares with a historical net loss attributable to common stockholders of $12.116 million, or $(0.91) per share before the transaction.

What gain does Chiron Real Estate Inc. (XRN) recognize from the sale?

Chiron estimates a gain on sale of $70.748 million, calculated from the $217.0 million aggregate sale price, less $5.780 million of closing and transaction costs and the aggregate book value of properties sold of $140.472 million, as reflected in the pro forma adjustments.

How does the transaction change Chiron Real Estate Inc.’s (XRN) balance sheet?

Pro forma as of March 31, 2026, total assets increase to $1,307,415 thousand, driven by higher cash of $203,054 thousand and a $25,251 thousand investment in the unconsolidated joint venture. Total equity rises to $591,398 thousand after recognizing the gain on sale.

Filing Exhibits & Attachments

6 documents

Press Releases

Agreements & Contracts

Other Documents